Brick by Brick – Building Construction Audit Skills in Internal Audit

Construction projects represent some of the most significant and high-profile expenditures for higher education institutions. To address the risks of project overruns, fraud and abuse, institutions must effectively leverage their skills and resources, including internal audit. This presentation will address how internal audit shops of all sizes can successfully execute construction auditing activities to help mitigate financial, operational and compliance risk for the institution. Additionally, we will discuss the construction lifecycle and owner’s responsibilities, including those of the owner’s representative, architect, construction manager, and compliance and audit personnel.

Speakers: Asel Solovyeva, Senior Auditor, Office of University Audits, University of Michigan and Robert Zellmer, Manager, Baker Tilly

Attendees should be able to do the following upon conclusion of the webinar:

1. Understand key construction terminology (e.g., lump sum, guaranteed maximum) and the steps of the construction process lifecycle (i.e., pre-construction, construction, post-construction)
2. Identify gaps in current pre-construction activities and owner’s responsibilities
3. Evaluate how internal audit can participate most effectively in construction activities and create a collaborative work environment with development parties

Field of study: Auditing
Program Level: Overview
Location: Virtual
Type of delivery method: Group-internet-based
Prerequisite: None
Advance preparation: None required
CPE credit: 1 Credit
Cost: Complimentary